OUNZ 10-K & 10-Q changes, risk factors and insider trading
VanEck Merk Gold ETF · NYSE · Commodity Contracts Brokers & Dealers · CIK 1546652 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
“Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict. These and any related events could cause volatility in precious metals prices and have significant impact on Trust performance and the value of an investment in the Shares. Russia is a significant producer of gold. …”see in full comparison
“In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs or other trade barriers, could impact the price of gold and the value of the Shares. The price of gold is subject to fluctuations due to a variety of geopolitical and macroeconomic factors, including changes in trade policy. The imposition of tariffs or other trade barriers by major gold-importing or -exporting countries may disrupt global supply chains, reduce cross-border demand, or increase the cost of gold production. …”see in full comparison
“Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, U.S. …”see in full comparison
On October 7, 2023, militants from Gazasee in full comparisonattackedlaunched a large-scale attack on Israeli towns,killedresultingIsraeliin the deaths of civilians and soldiers andtookthe taking of hostages. Inresponse to the attack,response, Israel declared waragainst Hamas, attackingon Hamas andIslamicinitiatedtargetsmilitary operations targeting Hamas and other militant groups in Gaza. The continuing conflict has ledescalatedtoinbroadertheregionalpastinstability,year,militaryand Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanonescalation, and theHouthis in Yemen and Iran. Theresponses ofcountriesglobal political actors-including sanctions, diplomatic interventions, andpoliticalmilitarybodiesposturing-which has increased volatility in financial markets and may continue tothesedo so. These developmentsevents,couldtheadverselylarger overarching tensions, Israel’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects onaffect regional and global economicmarkets,conditions andcausecontributevolatilityto fluctuations in the price of goldandand, consequently, the price of the Shares.InAdditionaladdition,risks include disruptions to global shipping routes, energy markets, and theconflict,broaderalongcommodities supplywithchain,any global political fallout and implications including sanctions, collateral war damage, and a potential expansionall ofthe conflict,which coulddisturbimpact the gold market.
“Similarly, the war in Ukraine, which began with Russia’s invasion in February 2022, continues to pose geopolitical and economic risks. In response to the invasion, the London Bullion Market Association (LBMA) suspended the accreditation of six Russian precious metals refiners on March 7, 2022, although bars produced prior to that date remain accepted as good delivery. Further, the United States, United Kingdom, and European Union have imposed restrictions on the import, purchase, and transfer of Russian-origin gold. These measures include:”see in full comparison
The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including thesee in full comparisonconflictongoing and escalating conflicts in the Middle East, the continuation of the war inUkraineUkraine, andotherchangeshostilities.in international trade policy.
Full comparison: every changed paragraph (9)
The Trust invests only in gold. As a result,
the the
Trust’s holding are not diversified. Accordingly, the Trust’s NAV maywill in all likelihood be more volatile than another
investment vehicle with
a more broadly diversified portfolio and may fluctuate substantially over time. The price of gold can be volatile.
Fluctuations in the
price of gold are expected to have a direct impact on the value of the Shares.
The Trust as well as the Sponsor and its
service providers are vulnerable to the effects of geopolitical events, including the conflictongoing and escalating conflicts in the Middle
East, the continuation of
the war in UkraineUkraine, and otherchanges hostilities.in international trade policy.
Geopolitical events, including the conflictongoing and
escalating conflicts in
the Middle East, the continuation of the war in Ukraine and other global hostilities could disrupt and potentially
impact the business activities
of the Sponsor and its service providers and have an adverse effect on the Trust.
On October 7, 2023, militants from Gaza attackedlaunched
a large-scale attack on Israeli towns, killedresulting Israeliin the deaths of civilians and soldiers and tookthe taking of hostages. In response to the attack,response, Israel
declared war against Hamas,
attackingon Hamas and Islamicinitiated targetsmilitary operations targeting Hamas and other militant groups in Gaza. The continuing conflict has
led escalatedto inbroader theregional pastinstability, year,military and Israel is fighting adversaries across the
Middle East, including Hezbollah in Lebanonescalation, and the Houthis in Yemen and Iran. The responses of countriesglobal political actors-including sanctions, diplomatic
interventions, and politicalmilitary bodiesposturing-which has increased volatility in financial markets and may continue to thesedo so. These developments
events,could theadversely larger overarching tensions, Israel’s military response and the potential for wider conflict may increase financial
market volatility generally, have adverse effects onaffect regional and global economic markets,conditions and causecontribute volatilityto fluctuations in the price of gold andand, consequently,
the price of the Shares. InAdditional addition,risks include disruptions to global shipping routes, energy markets, and the conflict,broader alongcommodities
supply withchain, any global political fallout and implications including sanctions, collateral
war damage, and a potential expansionall of the conflict,which could disturbimpact the gold market.
Similarly, the war in Ukraine, which began with Russia’s invasion in February 2022, continues to pose geopolitical and economic risks. In response to the invasion, the London Bullion Market Association (LBMA) suspended the accreditation of six Russian precious metals refiners on March 7, 2022, although bars produced prior to that date remain accepted as good delivery. Further, the United States, United Kingdom, and European Union have imposed restrictions on the import, purchase, and transfer of Russian-origin gold. These measures include:
Russia launched a large-scale invasion of Ukraine
on February 24, 2022. The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict.
These and any related events could cause volatility in precious metals prices and have significant impact on Trust performance and the
value of an investment in the Shares. Russia is a significant producer of gold. On March 7, 2022, in response to the Russian hostilities
in the Ukraine, LBMA suspended six Russian refiners; as a result, new production by such refiners were no longer be accepted as “Good
Delivery” by the London Bullion market. The bars these refiners previously produced will still be considered Good Delivery, consistent
with past suspensions of refiners by the LBMA. However, fewer suppliers to the LBMA may lead to a lower supply of Good Delivery gold and
further volatility in the price of gold.
Following an announcement at the G7 Summit to
collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated
in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated
in Russia, all after July 21, 2022. Similarly, U.S. regulations prohibit the import of gold of Russian origin into the United States on
or after June 28, 2022 and European Union regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates
in Russia and has been exported from Russia after July 22, 2022. On August 3, 2022, Switzerland announced sanctions that ban buying, importing
or transporting gold and gold products from Russia, as well as services in connection with said gold and gold products. Although it is
not possible to predict the impact that these sanctions may have, such sanctions could impact the operations of the Trust and its service
providers and could significantly harm the value of the Trust’s Shares.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.
In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs or other trade barriers, could impact the price of gold and the value of the Shares. The price of gold is subject to fluctuations due to a variety of geopolitical and macroeconomic factors, including changes in trade policy. The imposition of tariffs or other trade barriers by major gold-importing or -exporting countries may disrupt global supply chains, reduce cross-border demand, or increase the cost of gold production. In addition, trade disputes and related policy uncertainty may contribute to increased market volatility, which could affect investor sentiment and the market price of gold. Trade tensions and related policy uncertainty may also lead to currency fluctuations, particularly in the U.S. dollar, which could impact the price of gold as it is typically denominated in U.S. dollars. These developments may positively or negatively impact the price of gold and the value of the Shares.
Management's Discussion & Analysis (MD&A)
New heading “Comparison of the Fiscal Years Ended January 31, 2026 and 2025”
Removed heading “Comparison of the Fiscal Years Ended January 31, 2023 and 2022”
Largest changes
“Comparison of the Fiscal Years Ended January 31, 2023 and 2022”see in full comparison
“Effective May 28, 2024, the creation and redemption of new Baskets for the Trust typically will be settled on a “T+1” basis (i.e., one business day after the trade date), unless the Trust and Authorized Participant agree to a different settlement date. However, the Trust reserves the right to settle such transactions on a basis other than T+1 effective May 28, 2024, including in order to accommodate the non-U.S. market holiday schedules, and closures and settlement cycles. …”see in full comparison
“On March 22, 2017, the Securities and Exchange Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions. Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, or T+2. This change in the settlement cycle affects both the creation and redemption procedures for Baskets and trading in the shares. …”see in full comparison
“For the calendar year ended December 31, 2021, the Marketing Agent earned a fee of $233,426. For the calendar year ended December 31, 2022, the Marketing Agent earned a fee of $322,287. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2022 are $737,557, which at that time represented 0.97% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement. The fee earned in a calendar quarter is paid in the subsequent calendar quarter.”see in full comparison
“For the calendar year ended December 31, 2024, the Marketing Agent earned a fee of $630,549. For the calendar year ended December 31, 2025, the Marketing Agent earned a fee of $1,353,338. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2025 are $3,020,215, which at that time represented 2.01% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement.”see in full comparison
Full comparison: every changed paragraph (15)
Effective May 28, 2024, the creation and redemption of new Baskets for the Trust typically will be settled on a “T+1” basis (i.e., one business day after the trade date), unless the Trust and Authorized Participant agree to a different settlement date. However, the Trust reserves the right to settle such transactions on a basis other than T+1 effective May 28, 2024, including in order to accommodate the non-U.S. market holiday schedules, and closures and settlement cycles. Further, an Authorized Participant and the Trust may agree in advance of order acceptance to a different settlement cycle than the standard securities transaction settlement cycle of one business day if the allocation or de-allocation, as the case may be, of Trust’s bullion would be expected to be delayed and prevent a one business day settlement cycle for the order.
On March 22, 2017, the Securities and Exchange
Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions.
Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days,
known as T+3. The amended rule shortens the settlement cycle to two business days, or T+2. This change in the settlement cycle affects
both the creation and redemption procedures for Baskets and trading in the shares. Compliance with the new settlement cycle went into
effect on September 5, 2017.
Due to the fact that the aforementioned creation
and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants, the Trustee and
the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+21 settlement cycle and
executed FirstSecond Amendments to each of the Authorized Participant Agreements, effective as of SeptemberMay 5,28, 2017,2024, and provided timely notice
of such amendment to the Authorized Participants. Except for the foregoing amendments, the Authorized Participant Agreements remain in
full force and effect on their existing terms.
Comparison of the Fiscal Years Ended January 31, 2026 and 2025
The Trust’s NAV increased from $1,314,597,389 on January 31, 2025 to $2,903,285,926 on January 31, 2026, a 120.85% increase for the fiscal year. The increase in the Trust’s NAV resulted primarily from the appreciation of gold. There was also an increase in the number of Shares issued during the period, which rose from 48,664,686 Shares issued and outstanding on January 31, 2025 to 62,358,853 Shares issued and outstanding on January 31, 2026.
NAV per Share increased 72.38% from $27.01 on January 31, 2025 to $46.56 on January 31, 2026. The Trust’s NAV per Share increased slightly less than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $4,831,111 for the year, or 0.17% of the Trust’s net assets on an annualized basis.
The NAV per Share of $51.93 on January 29, 2026 was the highest during the year, compared with a low of $27.17 on February 3, 2025.
Net increase in net assets resulting from operations for the year ended January 31, 2026 was $1,092,864,123, resulting from a net realized gain of $12,284,110 from gold bullion distributed for redemptions and an increase in unrealized appreciation on gold of $1,085,411,124 offset by the Sponsor’s Fee of $4,831,111. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2026.
For the calendar year ended December 31, 2024, the Marketing Agent earned a fee of $630,549. For the calendar year ended December 31, 2025, the Marketing Agent earned a fee of $1,353,338. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2025 are $3,020,215, which at that time represented 2.01% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement.
Comparison of the Fiscal Years Ended January
31, 2023 and 2022
The Trust’s NAV increased from $586,245,772
on January 31, 2022 to $656,592,798 on January 31, 2023, a 12% increase for the fiscal year. The increase in the Trust’s NAV resulted
primarily from an increase in the number of Shares issued during the period, which rose from 33,599,843 Shares issued and outstanding
on January 31, 2022 to 35,203,259 Shares issued and outstanding on January 31, 2023.
NAV per Share increased 6.88% from $17.45 on January
31, 2022 to $18.65 on January 31, 2023. The Trust’s NAV per Share increased slightly less than the price per Ounce of gold on a
percentage basis due to the Sponsor’s Fee, which was $1,557,794 for the year, or 0.24% of the Trust’s net assets on an annualized
basis.
The NAV per Share of $19.81 on March 8, 2022 was
the highest during the year, compared with a low of $15.80 on November 3, 2022.
Net increase in net assets resulting from
operations for the year ended January 31, 2023 was $31,614,263, resulting from a net realized gain of $1,178,406 from gold bullion
distributed for redemptions and an increase in unrealized appreciation on gold of $31,993,651 offset by the Sponsor’s Fee of
$1,557,794. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.
For the calendar year ended December 31, 2021,
the Marketing Agent earned a fee of $233,426. For the calendar year ended December 31, 2022, the Marketing Agent earned a fee of $322,287.
The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2022 are
$737,557, which at that time represented 0.97% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing
Agent Agreement. The fee earned in a calendar quarter is paid in the subsequent calendar quarter.
What changed in the latest 10-Q
Risk Factors
You should carefully consider the factors discussed under the caption “Risk Factors” beginning on page 21 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “Annual Report”), filed with the Securities and Exchange Commission on March 27, 2026, which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in the Annual Report.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “The Six Months Ended July 31, 2026 Compared to the Six Months Ended July 31, 2025”
Largest changes
“The Six Months Ended July 31, 2026 Compared to the Six Months Ended July 31, 2025”see in full comparison
“The Trust’s NAV decreased from $2,903,285,926 at January 31, 2026 to $2,537,708,291 at July 31, 2026, a 12.59% decrease, compared to a 34.13% increase from $1,314,597,389 at January 31, 2025 to $1,763,218,226 at July 31, 2025. The decrease in the Trust’s NAV in the six months ended July 31, 2026 resulted from a decrease in the value of investments in gold bullion. …”see in full comparison
The Trust’s NAV decreased fromsee in full comparison$2,903,285,926$2,825,460,914onatJanuaryApril31,30, 2026 to$2,825,460,914$2,537,708,291onatAprilJuly30,31, 2026, a2.68%10.18% decrease, compared to a26.44%6.08% increase from$1,314,597,389$1,662,219,685onatJanuaryApril 30,31,2025 to$1,662,219,685$1,763,218,226onatAprilJuly30,31, 2025. The decrease in the Trust’s NAV in the quarter endedAprilJuly30,31, 2026 resulted from a decrease in the value of investments in goldbullion as compared to the prior period.bullion. The number of outstanding Shares increased from62,358,85363,638,566 SharesonatJanuaryApril31,30, 2026 to63,638,56665,174,928 SharesonatApril 30,July 31, 2026 due to the creation of Shares by Authorized Participants and the creation of38,67341,566 Shares in the quarter for Sponsor’s fees, as compared to29,99833,986 Shares for such purpose in the quarter endedAprilJuly30,31, 2025. The number of outstanding Shares onAprilJuly30,31, 2025 was52,339,392.55,607,168.TheEffective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily basis computed on the priorbusinessBusinessday’sDay’s NAV and paid monthly in arrears. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.
“The Trust’s NAV per Share decreased approximately 16.37% during the six months ended July 31, 2026, starting at $46.56 per Share and ending at $38.94 per Share, compared to an increase of 17.40%, from $27.01 to $31.71 during the six months ended July 31, 2025. The Trust’s NAV per share decreased slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 80,239 Shares in total for the six months ended July 31, 2026, compared with 63,984 Shares paid as Sponsor’s fees in the six months ended July 31, 2025. …”see in full comparison
“The change in net assets from operations for the six months ended July 31, 2026 was $(491,683,936), resulting from the Sponsor’s fees of $(3,478,886), a net realized gain of $19,872,192 from gold bullion distributed for redemptions and a net change in unrealized depreciation on investment in gold bullion of $(508,077,242). …”see in full comparison
The Trust’s NAV per Share decreasedsee in full comparison4.64%12.30% during the quarter endedAprilJuly30,31, 2026, starting at$46.56$44.40 per Share and ending at$44.40$38.94 per Share, compared toanaincreasedecrease of17.59%,0.16%, from$27.01$31.76 to$31.76$31.71 during the quarter endedAprilJuly30,31, 2025. The Trust’s NAV per share decreased slightly more than the price perperounce of gold on a percentage basis due to the Sponsor’s fees, which were38,67341,566 Shares in total for the quarter endedAprilJuly 31,30,2026, compared with29,99833,986 Shares paid as Sponsor’s fees in the quarter endedAprilJuly30,31, 2025. The NAV per share of$51.34$45.53 on MayMarch 02,11, 2026 was the highest during the quarter, compared with a low of$41.97$38.24 onMarchJuly26,16, 2026.
Full comparison: every changed paragraph (13)
This information should be read in conjunction
with the unaudited financial statements and notes to the unaudited financial statements included in Item 1 of Part 1 of this Form 10-Q.
The discussion and analysis that follows may contain forward-looking statements with respect to the VanEck Merk Gold ETF’s financial
conditions, operations, future performance and business. These statements can be identified by the use of the words “may,”
“should,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “potential” or similar words and phrases. These statements are
based upon certain assumptions and analyses Merk Investments LLC, the Sponsor, has made based on its perception of historical trends,
current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward lookingforward-looking
statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.
The Three Months Ended AprilJuly 30,31, 2026 Compared
to the Three Months Ended AprilJuly 30,31, 2025
The Trust’s NAV decreased from $2,903,285,926$2,825,460,914
onat JanuaryApril 31,30, 2026 to $2,825,460,914$2,537,708,291 onat AprilJuly 30,31, 2026, a 2.68%10.18% decrease, compared to a 26.44%6.08% increase from $1,314,597,389$1,662,219,685 onat JanuaryApril 30,
31, 2025 to $1,662,219,685$1,763,218,226 onat AprilJuly 30,31, 2025. The decrease in the Trust’s NAV in the quarter ended AprilJuly 30,31, 2026 resulted from
a decrease
in the value of investments in gold bullion as compared to the prior period.bullion. The number of outstanding Shares increased from
62,358,853 63,638,566 Shares onat JanuaryApril 31,30, 2026 to 63,638,56665,174,928 Shares onat April 30,July
31, 2026 due to the creation of Shares by Authorized Participants
and the creation of 38,67341,566 Shares in the quarter for Sponsor’s
fees, as compared to 29,99833,986 Shares for such purpose in the quarter
ended AprilJuly 30,31, 2025. The number of outstanding Shares on AprilJuly 30,31, 2025
was 52,339,392.55,607,168. TheEffective July 24, 2020, the Sponsor’s fees are payable at an annualized
rate of 0.25% of the Trust’s NAV,
accrued on a daily basis computed on the prior businessBusiness day’sDay’s NAV and paid monthly in arrears.
Due to the daily accrual but monthly
payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as
the number of Shares outstanding increases
slightly.
The Trust’s NAV per Share decreased 4.64%12.30%
during the quarter ended AprilJuly 30,31, 2026, starting at $46.56$44.40 per Share and ending at $44.40$38.94 per Share, compared to ana increasedecrease of 17.59%,0.16%,
from $27.01$31.76 to $31.76$31.71 during the quarter ended AprilJuly 30,31, 2025. The Trust’s NAV per share decreased slightly more than the price per
per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 38,67341,566 Shares in total for the quarter ended AprilJuly 31,
30, 2026, compared with 29,99833,986 Shares paid as Sponsor’s fees in the quarter ended AprilJuly 30,31, 2025. The NAV per share of $51.34$45.53 on May
March 02,11, 2026 was the highest during the quarter, compared with a low of $41.97$38.24 on MarchJuly 26,16, 2026.
The change in net assets from operations for the
quarter ended AprilJuly 30,31, 2026 was $(139,314,789352,369,147), resulting from the Sponsor’s fees of $(1,799,6981,679,188), a net realized gain of $11,959,629$7,912,563
from gold bullion distributed for redemptions, and a net change in unrealized depreciation on investment in gold bullion of $(149,474,720358,602,522).
In comparison, the change in net assets from operations for the quarter ended AprilJuly 30,31, 2025 was $237,960,710,$(4,813,216), resulting from the Sponsor’s
fees of $(893,9671,079,987), a net realized gain of $3,223,795$816,815 from gold bullion distributed for redemptions, and a net change in unrealized appreciationdepreciation
on investment in gold bullion of $235,630,882.$(4,550,044).
Other than the Sponsor’s fee, the Trust
had no expenses during the quarter ended AprilJuly 30,31, 2026 or the quarter ended AprilJuly 30,31, 2025.
The Six Months Ended July 31, 2026 Compared to the Six Months Ended July 31, 2025
The Trust’s NAV decreased from $2,903,285,926 at January 31, 2026 to $2,537,708,291 at July 31, 2026, a 12.59% decrease, compared to a 34.13% increase from $1,314,597,389 at January 31, 2025 to $1,763,218,226 at July 31, 2025. The decrease in the Trust’s NAV in the six months ended July 31, 2026 resulted from a decrease in the value of investments in gold bullion. The number of outstanding Shares increased from 62,358,853 Shares at January 31, 2026 to 65,174,928 Shares at July 31, 2026 due to the redemption of 964,164 Shares offset by the creation of 3,780,239 Shares which include 80,239 Shares created for Sponsor’s fees in the six months ended July 31, 2026, as compared to 371,502 Shares redeemed, offset by 7,313,984 shares created which include 63,984 Shares created for Sponsor’s fees in the six months ended July 31, 2025. The number of outstanding Shares on July 31, 2025 was 55,607,168. Effective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily basis computed on the prior Business Day’s NAV and paid monthly in arrears. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.
The Trust’s NAV per Share decreased approximately 16.37% during the six months ended July 31, 2026, starting at $46.56 per Share and ending at $38.94 per Share, compared to an increase of 17.40%, from $27.01 to $31.71 during the six months ended July 31, 2025. The Trust’s NAV per share decreased slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 80,239 Shares in total for the six months ended July 31, 2026, compared with 63,984 Shares paid as Sponsor’s fees in the six months ended July 31, 2025. The NAV per share of $51.34 on March 2, 2026 was the highest during the six months ended July 31, 2026, compared with a low of $38.24 on July 16, 2026.
The change in net assets from operations for the six months ended July 31, 2026 was $(491,683,936), resulting from the Sponsor’s fees of $(3,478,886), a net realized gain of $19,872,192 from gold bullion distributed for redemptions and a net change in unrealized depreciation on investment in gold bullion of $(508,077,242). In comparison, the change in net assets from operations for the six months ended July 31, 2025 was $233,147,494, resulting from the Sponsor’s fees of $(1,973,954), a net realized gain of $4,040,610 from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion of $231,080,838.
Other than the Sponsor’s fee, the Trust had no expenses during the six months ended July 31, 2026 or the six months ended July 31, 2025.
For the calendar quarter ended MarchJune 31,30, 2026, the
the Marketing Agent earned a fee of $537,257$629,901; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October
22, 2015, a total of $3,557,472$4,187,373 in Fees has been paid, representing 2.08%2.3% of the Maximummaximum Feefee potentially payable to the Marketing Agent
pursuant to the Marketing Agent Agreement. Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure
under the Marketing Agent Agreement, however the financial obligations created thereunder remain the obligations of the Sponsor of the
Trust, any fees payable thereunder remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent
remains unchanged.
The Trustee will, at the direction of the Sponsor
or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.
The Trustee will not sell gold to pay the Sponsor’s fee but will pay the Sponsor’s fee in Shares in lieu of cash. At AprilJuly
30,31, 2026 and AprilJuly 30,31, 2025, the Trust did not have any cash balances.
OUNZ insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding OUNZ (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 26,164 | $1.2M | — | Sold out |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 22,056 | $851.2K | 0.0% | Reduced 5% |
| Renaissance Technologies | 2026-06-30 | 14,100 | $544.1K | 0.0% | Reduced 61% |